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Business Is Booming In Nevada

Tourism Shows Billion Dollar Increase in Visitor Spending, Job Creation

A newly released report by the Nevada Division of Tourism (TravelNevada) shows increased revenue and employment powered by the travel sector in 2016.

Lt. Gov. Mark Hutchison, chair of the Nevada Commission on Tourism, observed:

“Historically, tourism has been the major engine of Nevada’s economy. [This] preliminary report underscores the fundamental role that tourism plays in Nevada and serves as a testament to the industry’s strength and longevity.”

Hutchison continued:

“Accounting for almost a third of the state’s General Fund revenues, as [the] preliminary report reveals, $3.23 billion in state tax revenues was generated by tourism, which supports and improves the lives of our residents.”

The preliminary report compiles data through November 2016 and projections for December 2016. A final report will be available this spring and is expected to align with projections, as there were no visible downturns in visitation in the final month of 2016.

The report’s findings include:

  • Total travel spending topped $65.8 billion in 2016, an increase of $1.4 billion or 2.2% over 2015.
  • Travel spending supported 492,300 Nevadans in 2016, an increase of 1% over 2015. This accounts for approximately 29% of the total workforce in Nevada, and the increase continues a five-year trend in Nevada.
  • State and local tax receipts generated by travel spending increased 3.9%, totaling $3.23 billion. This accounts for a quarter of all state and local tax revenues in Nevada.

Go to http://www.travelnevada.biz for more.

 

Posted in Destinations, News, Trends & Research

 

 

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